Business Insider is reporting that Google have acquired mobile advertising giant AdMob for $750 million in stock.

AdMob is a mobile advertising marketplace that connects advertisers with mobile publishers. They allow advertisers to create ads, choose landing pages and target their ads with plenty of detail. Ads can be targeted to locations, carriers, phone platforms and phone manufacturers.

Google’s Susan Wojcicki says: ““Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time. AdMob is the quintessential Silicon Valley startup — generating impressive year on year revenue growth — and we’re excited to welcome this talented team to Google.”

AdMob CEO weighed in: “We’re proud of the progress we’ve made towards accomplishing this goal, and joining Google will only accelerate this process, ultimately leading to very real benefits for end users around the world. As publishers and developers generate more revenue from their mobile products, they will invest more, and their mobile offerings will become richer, more creative and more robust.”

At this moment, both Google and AdMob have agreed to the terms and conditions of the deal, and only “customary closing conditions” remain to be finished.

This deal will greatly add to Google’s reach into the mobile sphere, one of the last digital areas where Google does not have a dominant prescense. AdMob was founded in the last month of 2006, meaning that the company is nigh three years old, a very impressive run for the startup.

According to the Google press release on the subject, “The deal will help Google in its efforts to develop more effective tools for creating, serving and analyzing emerging mobile ads formats. As this ecosystem continues to grow, the company expects these new marketing media to offer significant benefits.”

AdMob had raised a total of 47.2 million dollars, including three rounds from Sequoia Capital.